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Perrigo Reports Fourth Quarter & Fiscal Year 2024 Financial Results From Continuing Operations

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Perrigo (PRGO) reported Q4 2024 financial results with net sales of $1.14 billion, declining 1.6% year-over-year, while organic growth was 0.7%. The company delivered fiscal year 2024 adjusted EPS of $2.57, meeting guidance expectations, despite reporting a loss of $(1.17) per share.

Q4 highlights include 17% growth in infant formula sales and expansion of adjusted operating margin by 260 basis points to 17.0%. The Consumer Self-Care Americas (CSCA) segment reported flat sales at $744 million, while Consumer Self-Care International (CSCI) saw a 4.5% decline to $394 million.

The company's Project Energize initiative achieved gross annual savings of $139 million in 2024, with $17 million reinvested. The program is expected to deliver annualized pre-tax savings of $140-170 million by 2026. Notably, Perrigo's Wisconsin infant formula facility received a 'No Action Indicated' status from the FDA, marking significant improvement from its previous status.

Perrigo (PRGO) ha riportato i risultati finanziari del Q4 2024 con vendite nette di 1,14 miliardi di dollari, in calo dell'1,6% rispetto all'anno precedente, mentre la crescita organica è stata dello 0,7%. L'azienda ha registrato un utile per azione rettificato per l'anno fiscale 2024 di 2,57 dollari, rispettando le aspettative, nonostante abbia riportato una perdita di $(1,17) per azione.

I punti salienti del Q4 includono una crescita del 17% nelle vendite di latte artificiale e l'espansione del margine operativo rettificato di 260 punti base al 17,0%. Il segmento Consumer Self-Care Americas (CSCA) ha riportato vendite stabili a 744 milioni di dollari, mentre il Consumer Self-Care International (CSCI) ha registrato un calo del 4,5% a 394 milioni di dollari.

L'iniziativa Project Energize dell'azienda ha raggiunto risparmi annuali lordi di 139 milioni di dollari nel 2024, con 17 milioni reinvestiti. Si prevede che il programma fornisca risparmi annualizzati prima delle tasse di 140-170 milioni di dollari entro il 2026. È importante notare che l'impianto di latte artificiale di Perrigo in Wisconsin ha ricevuto uno status di 'Nessuna Azione Indicata' dalla FDA, segnando un miglioramento significativo rispetto al suo status precedente.

Perrigo (PRGO) reportó los resultados financieros del Q4 2024 con ventas netas de 1.14 mil millones de dólares, disminuyendo un 1.6% en comparación con el año anterior, mientras que el crecimiento orgánico fue del 0.7%. La compañía entregó un EPS ajustado para el año fiscal 2024 de 2.57 dólares, cumpliendo con las expectativas, a pesar de reportar una pérdida de $(1.17) por acción.

Los aspectos destacados del Q4 incluyen un crecimiento del 17% en las ventas de fórmula infantil y una expansión del margen operativo ajustado de 260 puntos básicos al 17.0%. El segmento de Cuidado Personal del Consumidor América (CSCA) reportó ventas estables de 744 millones de dólares, mientras que el Cuidado Personal del Consumidor Internacional (CSCI) vio una disminución del 4.5% a 394 millones de dólares.

La iniciativa Project Energize de la empresa logró ahorros anuales brutos de 139 millones de dólares en 2024, con 17 millones reinvertidos. Se espera que el programa genere ahorros anuales antes de impuestos de 140-170 millones de dólares para 2026. Es notable que la instalación de fórmula infantil de Perrigo en Wisconsin recibió un estatus de 'Sin Acción Indicada' de la FDA, marcando una mejora significativa respecto a su estatus anterior.

페리고 (PRGO)는 2024년 4분기 재무 결과를 보고하며, 순매출이 11억 4천만 달러로 전년 대비 1.6% 감소했으며, 유기적 성장은 0.7%를 기록했습니다. 회사는 2024 회계연도 조정된 주당순이익(EPS)을 2.57달러로 보고하여 가이던스 기대치를 충족했지만, 주당 $(1.17)의 손실을 기록했습니다.

4분기 주요 내용으로는 유아용 조제분유 매출 17% 성장과 조정된 운영 마진이 260bp 증가하여 17.0%에 도달한 점이 있습니다. 소비자 셀프케어 아메리카(Consumer Self-Care Americas, CSCA) 부문은 7억 4천4백만 달러의 매출로 변동이 없었고, 소비자 셀프케어 국제(Consumer Self-Care International, CSCI) 부문은 3억 9천4백만 달러로 4.5% 감소했습니다.

회사의 Project Energize 이니셔티브는 2024년에 1억 3천9백만 달러의 연간 총 절감액을 달성했으며, 1천7백만 달러가 재투자되었습니다. 이 프로그램은 2026년까지 세전 연간 1억 4천만~1억 7천만 달러의 절감 효과를 가져올 것으로 예상됩니다. 특히, 페리고의 위스콘신 유아용 조제분유 시설은 FDA로부터 '조치 없음' 상태를 받았으며, 이는 이전 상태에 비해 상당한 개선을 의미합니다.

Perrigo (PRGO) a annoncé les résultats financiers du 4ème trimestre 2024 avec des ventes nettes de 1,14 milliard de dollars, en baisse de 1,6 % par rapport à l'année précédente, tandis que la croissance organique était de 0,7 %. L'entreprise a réalisé un bénéfice par action ajusté pour l'exercice fiscal 2024 de 2,57 dollars, respectant ainsi les attentes, malgré un rapport de perte de $(1,17) par action.

Les points forts du 4ème trimestre incluent une croissance de 17 % des ventes de lait infantile et une expansion de la marge opérationnelle ajustée de 260 points de base à 17,0 %. Le segment Consumer Self-Care Americas (CSCA) a rapporté des ventes stables de 744 millions de dollars, tandis que le segment Consumer Self-Care International (CSCI) a enregistré une baisse de 4,5 % à 394 millions de dollars.

L'initiative Project Energize de l'entreprise a réalisé des économies brutes annuelles de 139 millions de dollars en 2024, dont 17 millions ont été réinvestis. Le programme devrait générer des économies annuelles avant impôts de 140 à 170 millions de dollars d'ici 2026. Il est à noter que l'installation de lait infantile de Perrigo dans le Wisconsin a reçu un statut de 'Aucune action indiquée' de la FDA, marquant une amélioration significative par rapport à son statut précédent.

Perrigo (PRGO) hat die finanziellen Ergebnisse für das 4. Quartal 2024 veröffentlicht, mit einem Nettoumsatz von 1,14 Milliarden Dollar, was einem Rückgang von 1,6% im Vergleich zum Vorjahr entspricht, während das organische Wachstum bei 0,7% lag. Das Unternehmen erzielte im Geschäftsjahr 2024 einen bereinigten Gewinn pro Aktie von 2,57 Dollar und erfüllte damit die Erwartungen, obwohl ein Verlust von $(1,17) pro Aktie gemeldet wurde.

Die Highlights des 4. Quartals umfassen ein Wachstum von 17% bei den Verkaufszahlen von Säuglingsnahrung und eine Erhöhung der bereinigten Betriebsmarge um 260 Basispunkte auf 17,0%. Das Segment Consumer Self-Care Americas (CSCA) berichtete von stabilen Umsätzen in Höhe von 744 Millionen Dollar, während der Bereich Consumer Self-Care International (CSCI) einen Rückgang um 4,5% auf 394 Millionen Dollar verzeichnete.

Die Initiative Project Energize des Unternehmens erzielte im Jahr 2024 jährliche Bruttoeinsparungen von 139 Millionen Dollar, von denen 17 Millionen reinvestiert wurden. Es wird erwartet, dass das Programm bis 2026 jährliche Einsparungen vor Steuern in Höhe von 140-170 Millionen Dollar erzielt. Bemerkenswert ist, dass die Säuglingsnahrungsanlage von Perrigo in Wisconsin den Status 'Keine Maßnahmen angezeigt' von der FDA erhielt, was eine erhebliche Verbesserung gegenüber dem vorherigen Status darstellt.

Positive
  • 17% growth in infant formula sales in Q4 2024
  • Project Energize achieved $139M in gross annual savings
  • Adjusted operating margin expanded 260 basis points to 17.0%
  • FDA upgrade to 'No Action Indicated' status for Wisconsin facility
  • Strong operating cash flow of $363M with 102% conversion rate
Negative
  • Q4 net sales declined 1.6% to $1.14B
  • Reported loss per share of $(1.17) for FY2024
  • CSCI net sales declined 4.5% to $394M
  • Lost distribution of lower margin products in U.S. Store Brand
  • Gross margin decreased 300 basis points to 33.9%

Insights

Perrigo's Q4 and FY2024 results reveal a company making strategic progress amid challenging conditions. The company delivered adjusted EPS of $2.57 for the full year, hitting the midpoint of guidance despite a reported loss per share of $(1.17). Q4 saw net sales decline 1.6% to $1.14 billion, though organic growth was positive at 0.7%.

The standout performer was infant formula, with Q4 sales growing 17% compared to prior year - particularly significant given the regulatory challenges that previously plagued this segment. The FDA's reclassification of Perrigo's Wisconsin infant formula facility to "No Action Indicated" status represents a critical regulatory milestone that should stabilize this business line.

Project Energize, the company's efficiency initiative, is delivering substantial results with $139 million in gross annual savings in 2024 while reinvesting $17 million. This program targets $140-170 million in annualized savings by 2026. These efficiency gains helped drive Q4 adjusted operating margin expansion of 260 basis points to 17.0%, despite gross margin pressure across both segments.

The company's financial position remains solid, with $363 million in operating cash flow for 2024 (102% conversion rate) and $559 million in cash on the balance sheet after fully repaying its $400 million senior notes due December 2024.

Investors should note that management will unveil its 2025-2027 strategic plan and provide 2025 guidance at tomorrow's Investor Day, offering critical insights into how the company plans to translate its stabilization efforts into sustainable growth.

Perrigo's Q4 and FY2024 results showcase a company executing its transformation strategy amid category-specific challenges. The 17% growth in infant formula during Q4 marks a significant recovery in this troubled category, with store brand share reaching a 2024 high by year-end - a critical development following regulatory hurdles that previously hampered performance.

Category performance reveals important trends: Skin Care showed strength across both segments, driven by key brands including ACO®, Mederma®, and Compeed®. The Women's Health category benefited from growth in ellaOne® and Opill® (the recently launched OTC oral contraceptive). These growth categories helped offset weakness in Pain & Sleep-Aids and Upper Respiratory, which suffered from the later start to the U.S. cough and cold season compared to prior year.

The company's evolution to "One Perrigo" - creating a unified consumer self-care approach across price points - is progressing through Project Energize, which delivered $139 million in gross annual savings in 2024. This efficiency initiative helped expand Q4 adjusted operating margins by 260 basis points to 17.0%, despite gross margin pressure in both segments.

Segment performance shows contrasting dynamics: CSCA remained flat but saw growth in strategic categories, while CSCI's organic growth of 1.8% was masked by a 4.5% reported decline due to divestitures and currency impacts.

Tomorrow's Investor Day will be pivotal as management unveils its 2025-2027 strategic roadmap and 2025 guidance, providing essential context for how these stabilization efforts will translate to sustainable growth.

Making Significant Progress on Stabilizing, Streamlining and Strengthening Organization to Build Long-Term Sustainable, Value Accretive Growth

Delivered Fiscal Year 2024 Adjusted EPS of $2.57 the Mid-Point of the Company's Communicated Guidance Range, on Reported Loss of $(1.17) Per Share

Fourth Quarter 2024 Infant formula Net Sales Grew 17% Compared to the Prior Year Quarter, Due Primarily to Market Share Gains1 and Recovering Customer Inventory Levels

DUBLIN, Feb. 27, 2025 /PRNewswire/ --

Fourth Quarter 2024 Highlights:

  • Net sales of $1.14 billion declined 1.6%, as organic growth of 0.7% was more than offset by unfavorable impacts from divested businesses and exited product lines and currency translation of 2.3%.
  • Organic2 net sales increased 0.7%, as higher net sales in the Nutrition, Skin Care and Women's Health Categories more than offset previously disclosed lost distribution of lower margin products in U.S. Store Brand of 1.2%, and lower net sales in the Pain and Sleep-Aids and Upper Respiratory categories stemming from a later start to the U.S. cough and cold season compared to the prior year.
  • Consumer Self-Care International ("CSCI") net sales of $394 million declined 4.5% compared to the prior year quarter, including an unfavorable impact of 6.2% from divested businesses and exited product lines, and currency translation. Organic net sales grew 1.8% due primarily to higher net sales in the Upper Respiratory and Pain & Sleep-Aids categories.
  • Consumer Self-Care Americas ("CSCA") net sales of $744 million were flat compared to the prior year quarter, as growth in the Nutrition, Skin Care and Women's Health categories was offset by the previously disclosed lost distribution of lower margin products and lower net sales in the Pain and Sleep-Aids and Upper Respiratory categories stemming from a later start to the U.S. cough and cold season.
  • GAAP ("reported") operating income was $114 million compared to a loss of $(16) million in the prior year quarter. Adjusted operating income of $194 million increased $27 million, or 16.0%, compared to the prior year period due primarily to benefits from the Company's 'Project Energize' (see Project Energize section below for details) and Supply Chain Reinvention programs.
  • Reported operating margin was 10.0%, an increase of 1,130 basis points compared to the prior year quarter. Adjusted operating margin expanded 260 basis points to 17.0% driven primarily by benefits from Project Energize.
  • Reported diluted loss per share was $(0.30), compared to reported diluted loss per share of $(0.20) in the prior year quarter.
  • Adjusted diluted EPS $0.93, compared to $0.86 in the prior year quarter, an increase of $0.07, or 8.1%, per share. The prior year quarter included favorable tax benefits of $0.08 per diluted share. Adjusted EPS in the quarter was impacted by $0.01 due to an increase of adjusted diluted weighted average shares outstanding of 1.3 million from 137.0 million to 138.3 million.
  • Company provides update on previously issued U.S. Food and Drug Administration (FDA) Warning Letter for Perrigo's Wisconsin infant formula facility: following FDA's inspection of the facility in October and November 2024, the FDA did not issue written observations via a Form FDA 483, and Perrigo Wisconsin was informed the site's inspection status would be reclassified to "No Action Indicated". This marks a substantial advancement from the facility's "Voluntary Action Indicated" status existing prior to this 2024 inspection.

Fiscal Year 2024 Highlights:

  • Fiscal year 2024 net sales of $4.37 billion decreased 6.1% versus the prior year period, including an unfavorable impact of 1.6% from divested businesses and exited product lines, and currency translation. Organic net sales decreased 4.5%, as growth from new products and e-commerce, in addition to strategic pricing actions, were more than offset by the impacts from 1) actions to augment and strengthen the infant formula network, 2) lower cough and cold and allergy seasonal demand compared to the prior year, and 3) SKU prioritization actions to enhance margins and previously disclosed lost distribution in U.S. Store Brand during the second half of 2024.
  • CSCI net sales of $1.68 billion declined 0.8% compared to the prior year. Organic net sales grew 2.9%, driven by share gains in key brands within the Skin Care category, including Compeed® and ACO®, and the Women's Health category, led by ellaOne®.
  • CSCA net sales of $2.69 billion decreased 9.1% compared to the prior year. Organic net sales declined 8.6% primarily stemming from lower net sales in the Nutrition category of 3.7% and 4.9% from lower volumes and lost distribution in U.S. Store Brand during the second half of the year and SKU prioritization actions.
  • Fiscal year 2024 reported operating income was $113 million compared to $152 million in the prior year, a decline of 26%. Adjusted operating income of $609 million increased 6.0% compared to the prior year period as Project Energize and Supply Chain Reinvention benefits more than offset unfavorable impacts from actions to augment and strengthen infant formula and divested businesses and exited product lines.
  • Fiscal year 2024 reported loss per share was $(1.17), as compared to a loss per share of $(0.03) in the prior year. The reported loss per share in the current year was driven primarily by income tax expense in the current year versus a tax benefit in the prior year, increased operating expenses associated with unusual litigation in the current year and a loss on debt extinguishment compared to a gain in the prior year.
  • Fiscal year 2024 adjusted diluted EPS was $2.57, compared to $2.58 in the prior year. Fiscal year 2024 adjusted diluted EPS included unfavorable year-over-year impacts of $0.26 from infant formula and $0.03 from currency translation. The prior year included favorable tax benefits of $0.18 per diluted share. Adjusted EPS in the full year was impacted by $0.01 due to an increase of adjusted diluted weighted average shares outstanding of 1.3 million from 136.7 million to 138.3 million.
  • Fiscal year 2024 operating cash flow was $363 million, reflecting a cash flow conversion rate of 102%. During the fourth quarter, the Company fully repaid its $400 million 3.9% Senior Notes due December 2024. Cash and cash equivalents on the balance sheet as of December 31, 2024, was $559 million.
  • Company to hold a virtual Investor Day event tomorrow, February 28, 2025, where management will share its 2025-2027 strategic plan to Stabilize, Streamline and Strengthen the Company, as well as provide fiscal 2025 guidance (webcast details below).

(1) Share gains according to Circana Scanner panel latest 13-weeks ending 12/29/24 vs. prior period 13-weeks ending 11/30/24, total US Multi Outlet+, non-WIC (Women, Infants, and Children program) powder formula, excluding ready-to-feed and toddler formula.

(2) See attached Appendix for details. Change in net sales on an organic basis excludes the effects of acquisitions, divestitures, exited product lines and the impact of currency. Change in net sales on a constant currency basis excludes the impact of currency on the change in net sales.

(3) All tables and data may not add due to rounding. Percentages are based on actuals.

Perrigo Company plc (NYSE: PRGO) ("Perrigo" or the "Company"), a leading provider of Consumer Self-Care Products, today announced financial results from continuing operations for the fourth quarter and fiscal year ended December 31, 2024. All comparisons are against the prior year fiscal fourth quarter and fiscal year, unless otherwise noted.

President and CEO, Patrick Lockwood-Taylor commented, "Though 2024 was a challenging year as we had to quickly overcome evolving regulatory dynamics within our infant formula business, we made substantial progress to rewire Perrigo through stabilizing our CSCA businesses, streamlining our operations and strengthening the Company for the long-term."

Lockwood-Taylor concluded, "I am pleased to report that the team achieved full-year adjusted EPS at the midpoint of our guidance range. Together, we achieved solid adjusted operating income growth and margin expansion, thanks in part to our accretive initiatives and new products. Perrigo store brand share of infant formula exited 2024 at a high for the year and we remain steadfast in our goal to continue recapturing market share. We look forward to sharing our 2025-2027 operational and financial plans tomorrow at our Investor Day, as we continue to make substantial progress for long-term sustainable growth."

Refer to Tables I through VII at the end of this press release for a reconciliation of non-GAAP adjustments to the current year and prior year periods and additional non-GAAP information. The Company's reported results are included in the attached Consolidated Statements of Operations, Balance Sheets and Statements of Cash Flows.

Project Energize

Perrigo has successfully transformed into a pure-play consumer self-care company and is embarking on the next stage of its self-care journey – evolving to One Perrigo. This evolution will create sustainable, value accretive growth by providing consumer needed self-care solutions at multiple price points.

As part of the Company's sustainable, value accretive growth strategy, the Company launched Project Energize – a global investment and efficiency program to drive the next evolution of capabilities and organizational agility – during the first quarter of 2024. This three-year program is expected to produce significant benefits in the Company's long-term business performance by enabling our One Perrigo growth strategy, increasing organizational agility and resetting our SG&A operating expense base. 

Project Energize is expected to deliver annualized pre-tax savings in the range of $140 million to $170 million by 2026. The Company expects $40 million to $60 million of these savings to be reinvested. Restructuring and related charges associated with these actions are estimated to be in the range of $140 million to $160 million, including $20 million to $40 million in investments to enhance capabilities, and are expected to be substantially incurred by the end of 2026. During 2024, Project Energize achieved gross annual savings of approximately $139 million while reinvesting $17 million. Restructuring charges incurred by the Company over the same period in connection with Project Energize were $95 million.

Perrigo Fourth Quarter 2024 Results from Continuing Operations

Fourth Quarter 2024 Net Sales Change Compared to Prior Year(3)


Reported

Net Sales
Growth

 Foreign

Exchange
Impact

Constant
Currency Net
Sales

Divested
Businesses
and Product
Lines

Organic

Net Sales
Growth

CSCA

— %

— %

— %

(0.1) %

0.1 %

CSCI

(4.5) %

(0.3) %

(4.1) %

(5.9) %

1.8 %

Total Perrigo

(1.6) %

(0.1) %

(1.5) %

(2.1) %

0.7 %

 

Fourth Quarter 2024 Change Compared to Prior Year(3)

(in millions, except earnings per share; see attached Tables I-VII for reconciliation to GAAP)


Three Months
Ended
December 31,
2024

Three Months
Ended
December 31,
2023

Percentage
Change YoY

Net Sales

$1,138

$1,157

(1.6) %





Reported Gross Profit

$386

$427

(9.7) %

Reported Gross Margin

33.9 %

36.9 %

(300) bps

Reported Operating (Loss) Income

$114

($16)

NM

Reported Operating Margin

10.0 %

(1.3) %

1,130 bps

Reported Net (Loss) Income

($41)

($28)

NM

Reported Diluted (Loss) Earnings Per Share

($0.30)

($0.20)

NM





Adjusted Gross Profit

$424

$460

(7.9) %

Adjusted Gross Margin

37.2 %

39.8 %

(260) bps

Adjusted Operating Income

$194

$167

16.0 %

Adjusted Operating Margin

17.0 %

14.4 %

260 bps

Adjusted Net Income

$129

$117

9.6 %

Adjusted Diluted EPS

$0.93

$0.86

8.1 %


(3) All tables and data may not add due to rounding. Percentages are based on actuals.

Net sales of $1.1 billion decreased 1.6%, or $19 million, as organic net sales growth of 0.7% was more than offset by the unfavorable impacts of 2.1% from businesses and exited product lines and currency translation of 0.1%.

Organic net sales growth was primarily due to net pricing benefits of +0.9 percentage points and volume/mix of -0.2 percentage points. Volume/mix included an unfavorable impact of 1.7 percentage points from previously disclosed lost distribution of lower margin products in U.S. Store Brand and lower net sales in the Pain and Sleep-Aids and Upper Respiratory categories stemming from a later start to the U.S. cough cold season compared to the prior year. Category growth was led by 1) Nutrition, stemming from infant formula net sales growth of 17%, 2) Skin Care, led by ACO®, Mederma® and Compeed®, and 3) the Women's Health category, led by ellaOne® and Opill®. 

Reported gross profit of $386 million, decreased $41 million, or 9.7%. Adjusted gross profit of $424 million decreased $36 million, or 7.9%, as net pricing benefits, new products, Supply Chain Reinvention benefits and Project Energize savings were more than offset by lower global OTC sales volumes and a temporary equipment disruption in infant formula, which was resolved and did not have any impact on shipments or service, in addition to divestitures and exited product lines of $16 million.

Reported gross margin was 33.9%, a decrease of 300 basis points versus the prior year quarter. Adjusted gross margin decreased 260 basis points to 37.2%, due primarily to the same factors as adjusted gross profit. Divested businesses and exited product lines unfavorably impacted gross margin by 60 basis points.

Reported operating income was $114 million as compared to a loss of $(16) million in the prior year period. Adjusted operating income increased $27 million, or 16.0%, to $194 million driven by Project Energize savings and lower variable expenses. These factors more than offset lower gross profit flow-through and divested businesses and exited product lines of $9 million.

Reported operating margin was 10.0%, an increase of 1,130 basis points versus the prior year quarter. Adjusted operating margin of 17.0%, increased 260 basis points versus the prior year quarter due primarily to the same factors as adjusted operating income and included an unfavorable impact of 120 basis points from divested businesses and exited product lines.

Reported net loss was $(41) million, or ($0.30) per diluted share, compared to $(28) million, or ($0.20) per diluted share, in the prior year period. Fourth quarter 2024 adjusted net income was $129 million, or $0.93 per diluted share, compared to $117 million, or $0.86 per diluted share, in the prior year period. Fourth quarter 2024 adjusted diluted EPS included a year-over-year unfavorable impact of $0.08 from tax benefits realized in the prior year quarter.

Fourth Quarter 2024 Business Segment Results from Continuing Operations

Consumer Self-Care Americas Segment (CSCA)

Fourth Quarter 2024 Net Sales Change Compared to Prior Year(3)


Reported

Net Sales
Growth

 Foreign

Exchange
Impact

Constant
Currency Net
Sales

Divested
Businesses
and Product
Lines

Organic

Net Sales
Growth

CSCA

— %

— %

— %

(0.1) %

0.1 %

 

Fourth Quarter 2024 Change Compared to Prior Year(3)


(in millions, except earnings per share; see attached Tables I-VII for reconciliation to GAAP)



Three Months
Ended
December 31,
2024

Three Months
Ended
December 31,
2023

Percentage
Change YoY


CSCA Net Sales

$744

$744

— %







Reported Gross Profit

$217

$249

(13.0) %


Reported Gross Margin

29.1 %

33.5 %

(440) bps


Reported Operating Income

$81

$118

(30.9) %


Reported Operating Margin

10.9 %

15.8 %

(490) bps







Adjusted Gross Profit

$229

$254

(9.8) %


Adjusted Gross Margin

30.8 %

34.1 %

(330) bps


Adjusted Operating Income

$146

$143

2.0 %


Adjusted Operating Margin

19.6 %

19.2 %

40 bps



(3) All tables and data may not add due to rounding. Percentages are based on actuals.

CSCA net sales of $744 million were flat compared to the prior year.

Organic net sales were driven by 1) 2.6% from the Nutrition category, led by infant formula net sales growth of 17%, 2) 1.5% from the Skin Care category, led by Mederma® and Minoxidil, and 3) 0.8% from the Women's Health category, led by Opill®. This growth was offset by 4.8%  from lower volumes, previously disclosed lost distribution of lower margin products, and a later start to the cough and cold season (all primarily impacting the Pain & Sleep Aids, Upper Respiratory, and Digestive Health categories) compared to the prior year.

Reported gross profit of $217 million decreased $33 million, or 13.0%. Adjusted gross profit decreased $25 million, or 9.8%, to $229 million as new products, Supply Chain Reinvention benefits and Project Energize savings were more than offset by lower OTC sales volumes and a temporary equipment disruption in infant formula, which was resolved and did not have any impact on shipments or service.

Reported gross margin of 29.1% decreased 440 basis points versus the prior year quarter. Adjusted gross margin decreased 330 basis points to 30.8%, driven by the same factors as adjusted gross profit.

Reported operating income was $81 million compared to $118 million in the prior year quarter, a decrease of 30.9%. Adjusted operating income increased $3 million, or 2.0%, to $146 million driven by benefits from Project Energize savings and lower variable expenses, which more than offset lower gross profit flow through.

Reported operating margin of 10.9% decreased 490 basis points versus the prior year quarter. Adjusted operating margin expanded 40 basis points to 19.6% driven by the same factors as adjusted operating income.

Consumer Self-Care International Segment (CSCI)

Fourth Quarter 2024 Net Sales Change Compared to Prior Year(3)


Reported

Net Sales
Growth

 Foreign

Exchange
Impact

Constant
Currency Net
Sales

Divested
Businesses
and Product
Lines

Organic

Net Sales
Growth

CSCI

(4.5) %

(0.3) %

(4.1) %

(5.9) %

1.8 %

 

Fourth Quarter 2024 Change Compared to Prior Year(3)

(in millions, except earnings per share; see attached Tables I-VII for reconciliation to GAAP)


Three Months
Ended
December 31,
2024

Three Months
Ended
December 31,
2023

Percentage
Change YoY

CSCI Net Sales

$394

$413

(4.5) %





Reported Gross Profit

$169

$178

(5.0) %

Reported Gross Margin

43.0 %

43.2 %

(20) bps

Reported Operating (Loss) Income

$40

($79)

NM

Reported Operating Margin

10.1 %

(19.1) %

2,920 bps





Adjusted Gross Profit

$194

$206

(5.8) %

Adjusted Gross Margin

49.3 %

50.0 %

(70) bps

Adjusted Operating Income

$83

$65

28.1 %

Adjusted Operating Margin

21.2 %

15.8 %

540 bps


(3) All tables and data may not add due to rounding. Percentages are based on actuals.

CSCI net sales of $394 million declined 4.5%, or $19 million, as organic net sales growth of 1.8% was more than offset by unfavorable impacts from divested businesses and exited product lines of 5.9%, and currency translation of 0.3%. 

Organic net sales growth was driven by a relatively stronger sell-in of cough and cold products ahead of the season and improved supply of key products, both of which benefited the Upper Respiratory and Pain & Sleep-Aids categories. This growth was partially offset by lower net sales in the Vitamins, Minerals and Supplements (VMS) category stemming from lower consumer demand compared to the prior year.        

Reported gross profit of $169 million decreased $9 million, or 5.0%. Adjusted gross profit of $194 million declined $12 million, or 5.8%, as strategic pricing actions and Supply Chain Reinvention benefits were more than offset by cost of goods sold inflation and the impact of $17 million from divested businesses and exited product lines.

Reported gross margin of 43.0% decreased 20 basis points compared to the prior year. Adjusted gross margin declined 70 basis points to 49.3% driven by the same factors as adjusted gross profit, partially offset by favorable brand mix. Divested businesses and exited product lines had an unfavorable impact of 120 basis points.

Reported operating income was $40 million. Adjusted operating income increased $18 million, or 28.1%, to $83 million due primarily to benefits from Project Energize and lower variable expenses, partially offset by divested businesses and exited product lines of $10 million.

Reported operating margin was 10.1%, a 2,920 basis points increase versus the prior year. Adjusted operating margin expanded 540 basis points to 21.2%, as operating leverage more than offset an unfavorable impact from divested businesses and exited product lines of 110 basis points.

Perrigo Fiscal Year 2024 Results from Continuing Operations

Fiscal Year 2024 Net Sales Change Compared to Prior Year(3)


Reported

Net Sales
Growth

 Foreign

Exchange
Impact

Constant
Currency Net
Sales

Divested
Businesses
and Product
Lines

Organic

Net Sales
Growth

CSCA

(9.1) %

— %

(9.1) %

(0.5) %

(8.6) %

CSCI

(0.8) %

(0.6) %

(0.2) %

(3.1) %

2.9 %

Total Perrigo

(6.1) %

(0.2) %

(5.8) %

(1.3) %

(4.5) %

 

Fiscal Year 2024 Change Compared to Prior Year(3)

(in millions, except earnings per share; see attached Tables I-VII for reconciliation to GAAP)


Twelve Months
Ended
December 31,
2024

Twelve Months
Ended
December 31,
2023

Percentage
Change YoY

Net Sales

$4,373

$4,656

(6.1) %





Reported Gross Profit

$1,543

$1,680

(8.2) %

Reported Gross Margin

35.3 %

36.1 %

(80) bps

Reported Operating Income

$113

$152

(25.7) %

Reported Operating Margin

2.6 %

3.3 %

(70) bps

Reported Net Loss

($161)

($4)

NM

Reported Diluted Loss Per Share

($1.17)

($0.03)

NM





Adjusted Gross Profit

$1,698

$1,809

(6.1) %

Adjusted Gross Margin

38.8 %

38.8 %

0 bps

Adjusted Operating Income

$609

$574

6.0 %

Adjusted Operating Margin

13.9 %

12.3 %

160 bps

Adjusted Net Income

$354

$352

0.6 %

Adjusted Diluted EPS

$2.57

$2.58

(0.4) %


(3) All tables and data may not add due to rounding. Percentages are based on actuals.

Net sales of $4.37 billion decreased 6.1%, or $282 million, due primarily to a decline in organic net sales of 4.5%, and unfavorable impacts from divested businesses and exited product lines of 1.3% and currency translation of 0.2%. 

The 4.5% decline in organic net sales was due primarily to 1) 2.4% from lower net sales in the Nutrition category stemming from actions to augment and strengthen the infant formula network, and 2) 3.8%  lower volumes, previously disclosed lost distribution of lower margin products, and a later start to the cough and cold season (all primarily impacting the Pain & Sleep Aids, Upper Respiratory, Digestive Health, and Oral Care categories) compared to the prior year. These factors more than offset organic net sales growth of 1.6% primarily from growth in Women's Health and Skin Care. Organic net sales comprised net pricing benefits of +2.7 percentage points and volume/mix of -7.1 percentage points. 

Reported gross profit of $1.54 billion, decreased $138 million, or 8.2%. Adjusted gross profit of $1.70 billion decreased $111 million, or 6.1%, as net pricing benefits, new products, Supply Chain Reinvention benefits and Project Energize savings were more than offset by lower global OTC sales volumes, lower sales volumes and manufacturing productivity in infant formula, and divested businesses and exited product lines of $66 million.

Reported gross margin was 35.3%, a decrease of 80 basis points versus the prior year. Adjusted gross margin was flat to the prior year due primarily to the same factors as adjusted gross profit, including an unfavorable impact from divested businesses and exited product lines of 20 basis points.

Reported operating income of $113 million decreased $39 million compared to $152 million in the prior year period. Adjusted operating income increased $34 million, or 6.0%, to $609 million as Project Energize savings and lower variable expenses more than offset unfavorable gross profit flow-through and divested businesses and exited product lines of $24 million.

Reported operating margin was 2.6%, a decrease of 70 basis points versus the prior year. Adjusted operating margin of 13.9%, expanded 160 basis points versus the prior year due primarily to the same factors as adjusted operating income, including an unfavorable impact from divested businesses and exited product lines of 110 basis points.

Reported net loss was $(161) million, or ($1.17) per diluted share, compared to reported net loss of $(4) million, or ($0.03) per diluted share, in the prior year. Fiscal year 2024 adjusted net income was $354 million, or $2.57 per diluted share, compared to $352 million, or $2.58 per diluted share, in the prior year. Fiscal year 2024 adjusted diluted EPS included unfavorable year-over-year impacts of $0.26 from infant formula and $0.03 from currency translation.

Fiscal Year 2024 Business Segment Results from Continuing Operations

Consumer Self-Care Americas Segment

Fiscal Year 2024 Net Sales Change Compared to Prior Year(3)


Reported

Net Sales
Growth

 Foreign

Exchange
Impact

Constant
Currency Net
Sales

Divested
Businesses
and Product
Lines

Organic

Net Sales
Growth

CSCA

(9.1) %

— %

(9.1) %

(0.5) %

(8.6) %

 

Fiscal Year 2024 Change Compared to Prior Year(3)


(in millions, except earnings per share; see attached Tables I-VII for reconciliation to GAAP)



Twelve Months
Ended
December 31,
2024

Twelve Months
Ended
December 31,
2023

Percentage
Change YoY


CSCA Net Sales

$2,694

$2,962

(9.1) %







Reported Gross Profit

$779

$908

(14.2) %


Reported Gross Margin

28.9 %

30.7 %

(180) bps


Reported Operating Income

$270

$390

(30.7) %


Reported Operating Margin

10.0 %

13.2 %

(320) bps







Adjusted Gross Profit

$829

$926

(10.5) %


Adjusted Gross Margin

30.8 %

31.3 %

(50) bps


Adjusted Operating Income

$422

$464

(9.2) %


Adjusted Operating Margin

15.7 %

15.7 %

0 bps



(3) All tables and data may not add due to rounding. Percentages are based on actuals.

CSCA net sales of $2.69 billion decreased 9.1%, or $269 million.

Organic net sales declined 8.6% due primarily to 1) 3.7% from lower net sales in the Nutrition category stemming from actions to augment and strengthen the infant formula network, and 2) 6.0%  lower volumes, previously disclosed lost distribution of lower margin products and a later start to the cough and cold season (all primarily impacting the Pain & Sleep Aids, Upper Respiratory, Digestive Health, and Oral Care categories) compared to the prior year. These factors more than offset  organic net sales growth of 1.1% in the Women's Health category driven primarily by Opill® new product sales.

Reported gross profit of $779 million, decreased $129 million, or 14.2%. Adjusted gross profit of $829 million decreased $98 million, or 10.5%, as new products, Supply Chain Reinvention benefits and Project Energize savings were more than offset by lower OTC sales volumes, and lower sales volumes and manufacturing efficiencies in infant formula due to actions to augment and strengthen the business.

Reported gross margin was 28.9%, a decrease of 180 basis points versus the prior year. Adjusted gross margin decreased 50 basis points to 30.8% due primarily to the same factors as adjusted gross profit, partially offset by benefits from SKU prioritization actions and previously disclosed lost distribution in U.S. store brand.

Reported operating income of $270 million decreased $120 million compared to $390 million in the prior year. Adjusted operating income decreased $43 million, or 9.2%, to $422 million as Project Energize savings and lower variable expenses were more than offset by unfavorable gross profit flow-through and higher investments in advertising and promotion, primarily for Opill®.

Reported operating margin was 10.0%, a decrease of 320 basis points versus the prior year. Adjusted operating margin of 15.7% was flat versus the prior year due primarily to the same factors as adjusted operating income.

Consumer Self-Care International Segment

Fiscal Year 2024 Net Sales Change Compared to Prior Year(3)


Reported

Net Sales
Growth

 Foreign

Exchange
Impact

Constant
Currency Net
Sales

Divested
Businesses
and Product
Lines

Organic

Net Sales
Growth

CSCI

(0.8) %

(0.6) %

(0.2) %

(3.1) %

2.9 %

 

Fiscal Year 2024 Change Compared to Prior Year(3)

(in millions, except earnings per share; see attached Tables I-VII for reconciliation to GAAP)


Twelve Months
Ended
December 31,
2024

Twelve Months
Ended
December 31,
2023

Percentage
Change YoY

CSCI Net Sales

$1,680

$1,693

(0.8) %





Reported Gross Profit

$764

$772

(1.1) %

Reported Gross Margin

45.5 %

45.6 %

(10) bps

Reported Operating (Loss) Income

$105

($35)

NM

Reported Operating Margin

6.3 %

(2.1) %

840 bps





Adjusted Gross Profit

$869

$883

(1.5) %

Adjusted Gross Margin

51.7 %

52.1 %

(40) bps

Adjusted Operating Income

$352

$285

23.5 %

Adjusted Operating Margin

21.0 %

16.8 %

410 bps


(3) All tables and data may not add due to rounding. Percentages are based on actuals.

CSCI net sales of $1.68 billion decreased 0.8%, or $14 million, as organic net sales growth of 2.9% was more than offset by unfavorable impacts from divested businesses and exited product lines of 3.1% and currency translation of 0.6%.  

Organic net sales growth was led by 1) share gains in brands within the Skin Care category, including Compeed®, ACO® and Sebamed®, and 2) increasing consumption in the Women's Health category, led by ellaOne®. This growth was partially offset by 1) lower net sales in the Upper Respiratory category due primarily to lower cough and cold and allergy seasonal demand during the first half of the year, and 2) lower net sales in the Vitamins, Minerals and Supplements (VMS) category stemming from lower consumer demand compared to the prior year.

Reported gross profit of $764 million, decreased $9 million, or 1.1% compared to the prior year. Adjusted gross profit of $869 million decreased $13 million, a decline of 1.5%, or flat on a constant currency basis, as pricing benefits, new products and Supply Chain Reinvention benefits were more than offset by lower sales volumes, cost of goods sold inflation, and divested businesses and exited product lines of $34 million.

Reported gross margin was 45.5%, a decrease of 10 basis points versus the prior year. Adjusted gross margin of 51.7% decreased 40 basis points due primarily to the same factors as adjusted gross profit, including an unfavorable impact from divested businesses and exited product lines of 40 basis points.

Reported operating income of $105 million increased $140 million compared to an operating loss of $(35) million in the prior year. Adjusted operating income increased $67 million, or 23.5%, to $352 million as Project Energize savings and lower variable expenses more than offset unfavorable gross profit flow through and a $22 million impact from divested businesses and exited product lines.

Reported operating margin was 6.3%, an increase of 840 basis points versus the prior year. Adjusted operating margin of 21.0%, expanded 410 basis points due primarily to the same factors as adjusted operating income, including an unfavorable impact from divested businesses and exited product lines of 70 basis points.

Cash Flow and Balance Sheet

Fourth quarter 2024 cash from operations was $313 million compared to $209 million in the prior year quarter. Fiscal year 2024 cash from operations was $363 million compared to $406 million last year, resulting in cash conversion as a percentage of adjusted net income of approximately 102%.

Fourth quarter capital expenditures were $38 million and fiscal year 2024 capital expenditures were $118 million. The Company returned $40 million to shareholders through dividends during the fourth quarter and $153 million in 2024.

Cash and cash equivalents on the balance sheet as of December 31, 2024, were $559 million. During the fourth quarter, the Company fully repaid its $400 million, 3.900% Senior Notes leading to total debt on the balance sheet of $3.62 billion as of December 31, 2024. 

About Perrigo

Perrigo Company plc (NYSE: PRGO) is a leading provider of Consumer Self-Care Products and over-the-counter (OTC) health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. Visit Perrigo online at www.perrigo.com.

February 28, 2025 Virtual Investor Day Event

The Company will hold its virtual Investor Day tomorrow, February 28, 2025, where management will share the Company's 2025-2027 strategic plan to Stabilize, Streamline and Strengthen the Company, as well as provide fiscal 2025 guidance (webcast details below).

The event will begin at 8:00 a.m. EST. An audio webcast of the Investor Day, including the Q&A session and the accompanying presentation, will be available at Perrigo-Investor-Day-2025.open-exchange.net/welcome. A replay will also be available.

Forward-Looking Statements

Certain statements in this press release are "forward-looking statements." These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "forecast," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or the negative of those terms or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control, including: supply chain impacts on the Company's business, including those caused or exacerbated by armed conflict, trade and other economic sanctions and/or disease; general economic, credit, and market conditions; the impact of the war in Ukraine and any escalation thereof, including the effects of economic and political sanctions imposed by the United States, United Kingdom, European Union, and other countries related thereto; the outbreak or escalation of conflict in other regions where we do business, including the Middle East; current and future impairment charges, including those related to the sale of the Héra SAS ("HRA Pharma") Rare Diseases Business, if we determine that the carrying amount of specific assets may not be recoverable from the expected future cash flows of such assets; customer acceptance of new products; competition from other industry participants, some of whom have greater marketing resources or larger market shares in certain product categories than the Company does; pricing pressures from customers and consumers; resolution of uncertain tax positions and any litigation relating thereto, ongoing or future government investigations and regulatory initiatives; uncertainty regarding the Company's ability to obtain and maintain its regulatory approvals; potential costs and reputational impact of product recalls or sales halts; potential adverse changes to U.S. and foreign tax, healthcare and other government policy; the effect of epidemic or pandemic disease; the timing, amount and cost of any share repurchases (or the absence thereof) and/or any refinancing of outstanding debt at or prior to maturity; fluctuations in currency exchange rates and interest rates; the Company's ability to achieve benefits expected from its sale of the HRA Rare Diseases Business, including potential earnout payments, and the sale of Orion Laboratories Hospital & Specialty Business (the "Hospital & Specialty Business")  and the risk that potential costs or liabilities incurred or retained in connection with those transactions may exceed the Company's estimates or adversely affect the Company's business or operations; the risk that potential costs or liabilities incurred or retained in connection with the sale of the Company's Rx business may exceed the Company's estimates or adversely affect the Company's business or operations; the Company's ability to achieve the benefits expected from the acquisitions of HRA Pharma and Nestlé's Gateway infant formula plant along with the U.S. and Canadian rights to the GoodStart® infant formula brand and other related formula brands ("Gateway") and/or the risks that the Company's synergy estimates are inaccurate or that the Company faces higher than anticipated integration or other costs in connection with the acquisitions; risks associated with the integration of HRA Pharma and Gateway, including the risk that growth rates are adversely affected by any delay in the integration of sales and distribution networks; the consummation and success of other announced and unannounced acquisitions or dispositions, and the Company's ability to realize the desired benefits thereof; and the Company's ability to execute and achieve the desired benefits of announced cost-reduction efforts and other strategic initiatives and investments, including the Company's ability to achieve the expected benefits from its ongoing restructuring programs described in the Form 10-K (as defined below). Adverse results with respect to pending litigation could have a material adverse impact on the Company's operating results, cash flows and liquidity, and could ultimately require the use of corporate assets to pay damages, reducing assets that would otherwise be available for other corporate purposes. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2024 ("Form 10-K"), as well as the Company's subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Non-GAAP Measures

This press release contains certain non-GAAP measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts different from the most directly comparable measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP) in the statements of operations, balance sheets or statements of cash flows of the Company. Pursuant to the requirements of the U.S. Securities and Exchange Commission, the Company has provided reconciliations to the most directly comparable U.S. GAAP measures for the following non-GAAP financial measures referred to in this press release:

  • net sales growth on an organic basis, which excludes acquisitions, divested businesses, exited product lines, and the impact of currency,
  • adjusted gross profit,
  • adjusted net income,
  • adjusted operating income,
  • adjusted diluted earnings per share,
  • constant currency net sales growth,
  • adjusted operating margin, and
  • adjusted gross margin

These non-GAAP financial measures should be considered as supplements to the GAAP reported measures, should not be considered replacements for, or superior to the GAAP measures and may not be comparable to similarly named measures used by other companies. The Company presents these non-GAAP financial measures in order to provide transparency to our investors because they are measures that management uses to assess both management performance and the financial performance of our operations and to allocate resources. In addition, management believes that these measures may assist investors with understanding and evaluating our initiatives to drive improved financial performance and enables investors to supplementally compare our operating performance with the operating performance of our competitors including with those of our competitors having different capital structures. While we have excluded certain of these items from historical non-GAAP financial measures, there is no guarantee that the items excluded from non-GAAP financial measures will not continue into future periods. For instance, we expect to continue to experience and report restructuring-related charges associated with continued execution of our strategic initiatives.

The Company provides non-GAAP financial measures as additional information that it believes is useful to investors and analysts in evaluating the performance of the Company's ongoing operating trends, facilitating comparability between periods and, where applicable, with companies in similar industries and assessing the Company's prospects for future performance. These non-GAAP financial measures exclude items, such as amortization expense, unusual litigation, impairment charges, restructuring charges, and acquisition and integration-related charges, that by their nature affect comparability of operational performance or that we believe obscure underlying business operational trends. The intangible asset amortization excluded from these non-GAAP financial measures represents the entire amount recorded within the Company's GAAP financial statements and is excluded because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised. The revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. The non-GAAP measures the Company provides are consistent with how management analyzes and assesses the operating performance of the Company, and disclosing them provides investor insight into management's view of the business. Management uses these adjusted financial measures for planning and forecasting in future periods, and evaluating segment and overall operating performance. In addition, management uses certain of the profit measures as factors in determining compensation.

Non-GAAP measures related to profit measurements, which may include adjusted gross profit, adjusted net income, adjusted operating income, adjusted diluted earnings per share, adjusted gross margin, constant currency net sales, and adjusted operating margin are useful to investors as they provide them with supplemental information to enhance their understanding of the Company's underlying business performance and trends, and enhance the ability of investors and analysts to compare the Company's period-to-period financial results. Management believes that adjusted gross margin and adjusted operating margin are useful to investors, in addition to the reasons discussed above, by allowing them to more easily compare and analyze trends in the Company's peer business group and assisting them in comparing the Company's overall performance to that of its competitors. The Company also discloses net sales growth excluding the impact of currency on an organic basis. The Company believes these supplemental financial measures provide investors with consistency in financial reporting, enabling meaningful comparisons of past and present underlying operating results, and also facilitate analysis of the Company's operating performance and acquisition and divestiture trends.

A copy of this press release, including the reconciliations, is available on the Company's website at www.perrigo.com.

Perrigo Contact

Bradley Joseph, Vice President, Global Investor Relations & Corporate Communications; (269) 686-3373; E-mail: bradley.joseph@perrigo.com

Nicholas Gallagher, Senior Manager, Global Investor Relations & Corporate Communications; (269) 686-3238, E-mail: nicholas.gallagher@perrigo.com

 

PERRIGO COMPANY PLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)

(unaudited)



Three Months Ended


Twelve Months Ended


December 31,
2024


December 31,
2023


December 31,
2024


December 31,
2023

Net sales

$             1,138.3


$             1,156.9


$             4,373.4


$             4,655.6

Cost of sales

752.4


729.6


2,830.7


2,975.2

Gross profit

385.9


427.3


1,542.7


1,680.4









Operating expenses








Distribution

23.3


25.5


98.0


110.5

Research and development

27.9


29.7


112.2


122.5

Selling

116.8


152.5


546.6


641.8

Administration

94.6


128.6


468.0


522.3

Impairment charges

38.6


90.0


88.9


90.0

Restructuring

12.0


16.5


110.1


42.2

Other operating (income) expense, net

(41.5)


—


6.0


(0.8)

Total operating expenses

271.7


442.8


1,429.8


1,528.5









Operating income

114.2


(15.5)


112.9


151.9









Interest expense, net

43.1


42.6


187.8


173.8

Other (income) expense, net

(0.6)


(0.6)


(0.9)


(10.4)

(Gain) loss on extinguishment of debt

1.5


(3.1)


6.7


(3.2)

Income (loss) from continuing operations before
income taxes

70.2


(54.4)


(80.7)


(8.3)

Income tax (benefit) expense

111.6


(26.7)


80.0


(3.9)

Income (loss) from continuing operations

(41.4)


(27.7)


(160.7)


(4.4)

Loss from discontinued operations, net of tax

(3.1)


(4.6)


(11.1)


(8.3)

Net income (loss)

$                (44.5)


$                (32.3)


$              (171.8)


$                (12.7)









Earnings (loss) per share








Basic








Continuing operations

$                (0.30)


$                (0.20)


$                (1.17)


$                (0.03)

Discontinued operations

(0.02)


(0.04)


(0.08)


(0.06)

Basic earnings (loss) per share

$                (0.32)


$                (0.24)


$                (1.25)


$                (0.09)

Diluted








Continuing operations

$                (0.30)


$                (0.20)


$                (1.17)


$                (0.03)

Discontinued operations

(0.02)


(0.04)


(0.08)


(0.06)

Diluted earnings (loss) per share

$                (0.32)


$                (0.24)


$                (1.25)


$                (0.09)









Weighted-average shares outstanding








Basic

137.6


135.5


137.4


135.3

Diluted

137.6


135.5


137.4


135.3

 

PERRIGO COMPANY PLC

CONSOLIDATED BALANCE SHEETS

(in millions, except per share amounts)

(unaudited)



December 31,
2024


December 31,
2023

Assets




Cash, cash equivalents and restricted cash

$                558.8


$                751.3

Accounts receivable, net of allowance for credit losses of $7.4 and $7.8, respectively

642.3


739.6

Inventories

1,081.8


1,140.9

Prepaid expenses and other current assets

199.0


201.1

Total current assets

2,481.9


2,832.9

Property, plant and equipment, net

917.8


916.4

Operating lease assets

175.2


183.6

Goodwill and indefinite-lived intangible assets

3,325.4


3,534.4

Definite-lived intangible assets, net

2,423.7


2,980.8

Deferred income taxes

5.1


25.8

Other non-current assets

318.6


335.2

Total non-current assets

7,165.8


7,976.2

Total assets

$             9,647.7


$          10,809.1

Liabilities and Shareholders' Equity




Accounts payable

$                495.2


$                477.7

Payroll and related taxes

123.2


127.0

Accrued customer programs

133.3


163.5

Other accrued liabilities

238.7


335.4

Accrued income taxes

17.4


42.1

Current indebtedness

36.4


440.6

Total current liabilities

1,044.2


1,586.3

Long-term debt, less current portion

3,581.7


3,632.8

Deferred income taxes

203.2


262.3

Other non-current liabilities

499.2


559.8

Total non-current liabilities

4,284.1


4,454.9

Total liabilities

5,328.3


6,041.2

Contingencies - Refer to Note 19




Shareholders' equity




Controlling interests:




Preferred shares, $0.0001 par value per share, 10 shares authorized

—


—

Ordinary shares, €0.001 par value per share, 10,000 shares authorized

6,733.9


6,837.5

Accumulated other comprehensive income

(162.4)


10.7

Retained earnings (accumulated deficit)

(2,252.1)


(2,080.3)

Total shareholders' equity

4,319.4


4,767.9

Total liabilities and shareholders' equity

$             9,647.7


$          10,809.1





Supplemental Disclosures of Balance Sheet Information




Preferred shares, issued and outstanding

—


—

Ordinary shares, issued and outstanding

136.5


135.5

 

PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)



Year Ended


December 31,
2024


December 31,
2023


December 31,
2022

Cash Flows From Operating Activities






Net income (loss)

$               (171.8)


$                  (12.7)


$               (140.6)

Adjustments to derive cash flows:






Depreciation and amortization

325.9


359.5


338.6

Impairment charges

88.9


90.0


—

Share-based compensation

64.4


68.8


54.9

Restructuring charges

99.9


41.1


42.5

Settlement of interest rate derivatives

41.2


—


—

Amortization of debt discount

8.9


2.3


(0.7)

Gain on sale of business

(6.4)


—


1.4

Foreign currency remeasurement loss

—


—


39.4

Gain on sale of assets

(28.1)


(4.1)


(5.3)

Dedesignation of interest rate swap agreements

14.4


—


—

Deferred income taxes

9.8


(106.6)


(50.5)

Other non-cash adjustments, net

(9.5)


25.7


7.6

Subtotal

437.6


464.0


287.3

(Decrease) increase in cash due to:






Accounts receivable

(11.1)


(57.1)


0.1

Inventories

13.7


19.4


(76.7)

Prepaid expenses and other current assets

20.1


47.5


25.9

Accounts payable

54.2


(65.9)


100.3

Payroll and related taxes

(94.4)


(52.8)


(38.2)

Accrued customer programs

(25.6)


23.2


11.2

Other accrued liabilities

(1.3)


6.6


10.1

Accrued income taxes

(31.8)


(12.9)


(47.9)

Other operating, net

1.5


33.5


35.2

Subtotal

(74.7)


(58.5)


20.0

Net cash from operating activities

362.9


405.5


307.3

Cash Flows From (For) Investing Activities






Proceeds from royalty rights

5.2


19.8


3.3

Acquisitions of businesses, net of cash acquired

—


—


(2,011.4)

Asset (acquisitions) sales, net

(13.3)


—


—

Settlement of foreign currency derivatives

(48.2)


—


61.7

Proceeds from sale of assets

37.9


4.4


25.5

Additions to property, plant and equipment

(118.3)


(101.7)


(96.4)

Net proceeds from sale of businesses

215.5


—


58.7

Net cash from (for) investing activities

78.8


(77.5)


(1,958.6)

Cash Flows From (For) Financing Activities






Issuances of long-term debt

1,091.2


295.1


1,587.3

Payments on long-term debt

(1,529.0)


(325.3)


(970.6)

Premiums on early debt retirement

—


—


(12.2)

Payments for debt issuance costs

(4.7)


—


(20.9)

Cash dividends

(152.5)


(149.7)


(142.4)

Other financing, net

(16.0)


(7.3)


(19.6)

Net cash from (for) financing activities

(611.0)


(187.2)


421.6

Effect of exchange rate changes on cash and cash equivalents

(23.2)


9.8


(48.9)

Net increase (decrease) in cash and cash equivalents

(192.5)


150.6


(1,278.6)

Cash, cash equivalents and restricted cash of continuing operations,
beginning of period

751.3


600.7


1,864.9

Cash and cash equivalents held for sale, beginning of period

—


—


14.4

Cash, cash equivalents and restricted cash of continuing operations,
end of period

$                 558.8


$                 751.3


$                 600.7

 

TABLE I

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED CONSOLIDATED INFORMATION

(in millions, except per share amounts)

(unaudited)



Three Months Ended December 31, 2024


Three Months Ended December 31, 2023

Consolidated Continuing Operations

Gross

Profit

Operating
Income

Income (Loss)
from Continuing
Operations(1)

Diluted
Earnings (Loss)
per Share(1)


Gross

Profit

Operating
Income (Loss)

Income (Loss)
from Continuing
Operations(1)

Diluted
Earnings
(Loss) per
Share(1)

Reported

$            385.9

$            114.2

$              (41.4)

$                (0.30)


$            427.3

$            (15.5)

$              (27.7)

$               (0.20)

As a % of reported net sales(2)

33.9 %

10.0 %

(3.6) %



36.9 %

(1.3) %

(2.4) %


Pre-tax adjustments:










Amortization expense related primarily to acquired
intangible assets

33.4

55.4

55.9

0.40


32.7

66.4

67.5

0.49

Unusual litigation

—

(33.9)

(33.9)

(0.25)


—

4.2

4.2

0.03

Restructuring charges and other termination benefits

0.7

13.3

13.3

0.10


0.3

15.9

15.9

0.12

Impairment charges (3)

—

38.6

38.6

0.28


—

90.0

90.0

0.66

Infant formula remediation

3.8

3.9

3.9

0.03


—

1.2

1.2

0.01

(Gain) loss on early debt extinguishment

—

—

1.5

0.01


—

—

(3.2)

(0.02)

Acquisition and integration-related charges and
contingent consideration adjustments

—

—

—

—


—

1.7

1.7

0.01

(Gain) loss on divestitures and investment securities

—

(2.2)

(2.8)

(0.02)


—

—

0.3

—

Other (4)

—

4.6

4.6

0.03


—

3.3

3.3

0.02

Non-GAAP tax adjustments(5)

—

—

89.2

0.64


—

—

(35.8)

(0.26)

Adjusted

$            423.9

$            193.9

$              128.7

$                  0.93


$            460.3

$            167.1

$              117.4

$                 0.86

As a % of reported net sales(2)

37.2 %

17.0 %

11.3 %



39.8 %

14.4 %

10.1 %












Diluted weighted average shares outstanding (in millions)










Reported

137.6





135.5

Effect of dilution as reported amount was a loss, while adjusted amount was income(6)

0.7





1.5




Adjusted

138.3





137.0


Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item.

(2) Reported net sales for the three months ended December 31, 2024 and December 31, 2023 were $1,138.3 million and $1,156.9 million, respectively.

(3) During the three months ended December 31, 2024, we determined the carrying value of our Prevacid® branded product was impaired by $38.6 million and recorded the charge within our CSCA segment. During the three months ended December 31, 2023, we determined goodwill related to our Rare Diseases reporting unit was impaired by $90.0 million and recorded the charge within our CSCI segment.

(4) Other pre-tax adjustments for the three months ended December 31, 2024 are primarily due to $4.0 million related to professional consulting fees for divestiture activity. Other pre-tax adjustments for the three months ended December 31, 2023 include $1.3 million related to professional consulting fees for potential divestitures, $2.0 million related to an Irish VAT settlement.

(5) Non-GAAP tax adjustments for the three months ended December 31, 2024 are primarily due to $24.8 million of tax expense on pre-tax non-GAAP adjustments, plus the removal of (1) $110.6 million of tax impact related to an inter-company sale of intellectual property and (2) $3.1 million of tax expense related to audit adjustments. Non-GAAP tax adjustments for the three months ended December 31, 2023 are primarily due to $22.3 million of tax expense related to pre-tax non-GAAP adjustments, plus the removal of (1) $6.3 million of tax benefit related to audit settlements and (2) $7.2 million of tax benefit related to tax law changes.

(6) In the period of a net loss, reported diluted shares outstanding equal basic shares outstanding.

 

TABLE I (Continued)

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED CONSOLIDATED INFORMATION

(in millions, except per share amounts)

(unaudited)



Twelve Months Ended December 31, 2024


Twelve Months Ended December 31, 2023

Consolidated Continuing Operations

Gross

Profit

Operating
Income

Income (Loss)
from Continuing
Operations(1)

Diluted Earnings
(Loss) per
Share(1)


Gross

Profit

Operating
Income

Income (Loss) 
from Continuing
Operations(1)

Diluted Earnings
(Loss) per
Share(1)

Reported

$         1,542.7

$            112.9

$            (160.7)

$                 (1.17)


$         1,680.4

$            151.9

$                (4.4)

$                 (0.03)

As a % of reported net sales(2)

35.3 %

2.6 %

(3.7) %



36.1 %

3.3 %

(0.1) %


Pre-tax adjustments:










Amortization expense related primarily to acquired
intangible assets

135.0

229.5

231.7

1.69


127.9

269.9

272.0

2.00

Restructuring charges and other termination benefits

2.7

113.4

113.4

0.82


0.4

40.2

40.2

0.29

Unusual litigation

—

54.2

54.2

0.39


—

11.9

11.9

0.09

Impairment charges(3)

—

88.9

88.9

0.65


—

90.0

90.0

0.66

Infant formula remediation

17.5

21.7

21.7

0.16


—

1.2

1.2

0.01

Acquisition and integration-related charges and
contingent consideration adjustments

—

—

—

—


—

8.8

8.8

0.06

(Gain) loss on early debt extinguishment

—

—

6.7

0.05


—

—

(3.1)

(0.02)

Gain on divestitures and investment securities

—

(28.1)

(34.5)

(0.26)


—

(4.6)

(4.4)

(0.03)

Milestone payments received related to royalty rights

—

—

—

—


—

—

(10.0)

(0.07)

Other(4)

—

16.0

31.9

0.23


—

5.1

5.2

0.04

Non-GAAP tax adjustments(5)

—

—

0.9

0.01


—

—

(55.3)

(0.41)

Adjusted

$         1,697.9

$            608.5

$              354.0

$                   2.57


$         1,808.5

$            574.3

$              352.0

$                   2.58

As a % of reported net sales(2)

38.8 %

13.9 %

8.1 %



38.8 %

12.3 %

7.6 %












Diluted weighted average shares outstanding (in millions)










Reported

137.4





135.3

Effect of dilution as reported amount was a loss, while adjusted amount was income(6)

0.6





1.4




Adjusted

138.0





136.7


Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item.

(2) Reported net sales for the twelve months ended December 31, 2024 and December 31, 2023 were $4,373.4 million and $4,655.6 million, respectively.

(3) During the twelve months ended December 31, 2024, we determined the carrying value of the Rare Diseases reporting unit net assets exceeded their fair value less costs to sell, resulting in a total impairment charge of $34.1 million, inclusive of a goodwill impairment charge of $22.1 million, we also determined the carrying value of the Hospital & Specialty Business net assets exceeded their fair value less costs to sell, resulting in a total impairment charge of $16.2 million, inclusive of a goodwill impairment charge of $5.4 million and we determined the carrying value of our Prevacid® branded product was impaired by $38.6 million and recorded the charge within our CSCA segment. During the twelve months ended December 31, 2023, we determined goodwill related to our Rare Diseases reporting unit was impaired by $90.0 million and recorded the charge within our CSCI segment.

(4) Other pre-tax adjustments for the twelve months ended December 31, 2024 include expenses of $14.4 million related to de-designation of interest rate swap agreements, amounts related to professional consulting fees for divestiture activity and amounts related to a foreign jurisdiction transfer tax payment. Other pre-tax adjustments for the twelve months ended December 31, 2023 include $2.3 million related to professional consulting fees for potential divestitures, $2.0 million related to an Irish VAT settlement and $0.8 million related to a foreign jurisdiction transfer tax payment.

(5) Non-GAAP tax adjustments for the twelve months ended December 31, 2024 are primarily due to $62.6 million of tax expense on pre-tax non-GAAP adjustments, plus the removal of (1) $65.9 million of tax impact related to an inter-company sale of intellectual property, (2) $3.5 million of tax benefit related to a partial valuation allowance release in Belgium and (3) $1.0 million of tax expense related to audit adjustments. Non-GAAP tax adjustments for the twelve months ended December 31, 2023 are primarily due to $61.6 million of tax expense related to pre-tax non-GAAP adjustments, plus the removal of (1) $11.4 million of tax expense related to audit settlements (2) $2.1 million of tax expense related to a valuation allowance and (3) $7.2 million of tax benefit related to tax law changes.

(6) In the period of a net loss, reported diluted shares outstanding equal basic shares outstanding.

 

TABLE II

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED CONSOLIDATED INFORMATION

(in millions, except per share amounts)

(unaudited)



Three Months Ended December 31, 2024


Three Months Ended December 31, 2023

Consolidated Continuing Operations

R&D Expense

DSG&A
Expense

Restructuring
and Other


R&D Expense

DSG&A
Expense

Restructuring
and Other

Reported

$              27.9

$            193.2

$              50.6


$              29.7

$            306.6

$            106.5

As a % of reported net sales(1)

2.5 %

20.6 %

0.8 %


2.6 %

26.5 %

9.2 %

Pre-tax adjustments:








Amortization expense related primarily to acquired
intangible assets

(0.4)

(21.6)

—


(0.2)

(33.4)

—

Unusual litigation

—

—

33.9


—

(4.2)

—

Restructuring charges and other termination benefits

—

(0.6)

(12.0)


—

—

(15.6)

Impairment charges(2)

—

—

(38.6)


—

—

(90.0)

Infant formula remediation

—

—

—


—

1.2

—

(Gain) loss on divestitures and investment securities

—

—

2.2


—

—

—

Acquisition and integration-related charges and
contingent consideration adjustments

—

—

—


—

(1.7)

—

Other (3)

—

(10.0)

5.4


—

(5.7)

—

Adjusted

$              27.5

$            202.5

$                  —


$              29.4

$            262.9

$                0.9

As a % of reported net sales (1)

2.4 %

17.8 %

— %


2.5 %

22.7 %

0.1 %


Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) Reported net sales for the three months ended December 31, 2024 and December 31, 2023 were $1,138.3 million and $1,156.9 million, respectively.

(2) During the three months ended December 31, 2024, we determined the carrying value of our Prevacid® branded product was impaired by $38.6 million and recorded the charge within our CSCA segment. During the three months ended December 31, 2023, we determined goodwill related to our Rare Diseases reporting unit was impaired by $90.0 million and recorded the charge within our CSCI segment.

(3) Other pre-tax adjustments three months ended December 31, 2024 is due primarily to $4.0 million related to professional consulting fees. Other pre-tax adjustments three months ended December 31, 2023 include $2.0 million related to an Irish VAT settlement and $1.3 million related to professional consulting fees for potential divestitures.

 

TABLE II (Continued)

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED CONSOLIDATED INFORMATION

(in millions, except per share amounts)

(unaudited)



Twelve Months Ended December 31, 2024


Twelve Months Ended December 31, 2023

Consolidated Continuing Operations

R&D Expense

DSG&A
Expense

Restructuring
and Other


R&D Expense

DSG&A
Expense

Restructuring
and Other

Reported

$            112.2

$         1,118.6

$            199.0


$            122.5

$         1,274.6

$            131.4

As a % of reported net sales (1)

2.6 %

25.4 %

4.7 %


2.6 %

27.4 %

2.8 %

Pre-tax adjustments:








Restructuring charges and other termination benefits

—

(0.8)

(109.9)


—

(0.8)

(39.0)

Unusual litigation

—

—

(54.2)


—

(11.9)

—

Amortization expense related primarily to acquired
intangible assets

(1.1)

(93.5)

—


(0.5)

(141.5)

—

Impairment charges(2)

—

—

(88.9)


—

—

(90.0)

Infant formula remediation

—

(4.2)

—


—

(1.2)

—

Acquisition and integration-related charges and
contingent consideration adjustments

—

—

—


—

(8.8)

—

Gain on divestitures and investment securities

—

—

28.1


—

4.6

—

Other(3)

—

(35.9)

20.1


—

(5.3)

—

Adjusted

$            111.1

$            978.1

$                0.2


$            122.0

$         1,109.8

$                2.4

As a % of reported net sales (1)

2.5 %

22.4 %

— %


2.6 %

23.8 %

0.1 %

















Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) Reported net sales for the twelve months ended December 31, 2024 and December 31, 2023 were $4,373.4 million and $4,655.6 million, respectively.

(2) During the twelve months ended December 31, 2024, we determined the carrying value of the Rare Diseases reporting unit net assets exceeded their fair value less costs to sell, resulting in a total impairment charge of $34.1 million, inclusive of a goodwill impairment charge of $22.1 million, we also determined the carrying value of the Hospital & Specialty Business net assets exceeded their fair value less costs to sell, resulting in a total impairment charge of $16.2 million, inclusive of a goodwill impairment charge of $5.4 million and we determined the carrying value of our Prevacid® branded product was impaired by $38.6 million and recorded the charge within our CSCA segment. During the  twelve months ended December 31, 2024, we determined goodwill related to our Rare Diseases reporting unit was impaired by $90.0 million and recorded the charge within our CSCI segment.

(3) Other pre-tax adjustments for the twelve months ended December 31, 2024 are due primarily to professional consulting fees for divestiture activity. Other pre-tax adjustments for the twelve months ended December 31, 2023 are due primarily to (1) $2.3 million related to professional consulting fees for divestiture activity, (2) $2.0 million related to an Irish VAT settlement and (3) $0.8 million related to a foreign jurisdiction transfer tax payment.

 

TABLE III

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED CONSOLIDATED INFORMATION

(in millions, except per share amounts)

(unaudited)



Three Months Ended December 31, 2024


Three Months Ended December 31, 2023

Consolidated Continuing Operations

Interest and Other

Income Tax Expense


Interest and Other

Income Tax Expense
(Benefit)

Reported

$                          44.0

$                        111.6


$                        38.9

$                      (26.7)

As a % of reported net sales (1)

3.9 %

9.8 %


3.4 %

(2.3) %

Effective tax rate


159.1 %



49.1 %

Pre-tax adjustments:






(Gain) loss on divestitures and investment securities

0.6

—


(0.3)

—

(Gain) loss on early debt extinguishment

(1.5)

—


3.2

—

Amortization expense related primarily to acquired
intangible assets

(0.5)

—


(1.1)

—

Non-GAAP tax adjustments(2)

—

(89.2)


—

35.8

Adjusted

$                          42.6

$                          22.6


$                        40.6

$                          9.1

As a % of reported net sales (1)

3.7 %

2.0 %


3.5 %

0.8 %

Adjusted effective tax rate


14.8 %



7.2 %


Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) Reported net sales for the three months ended December 31, 2024 and December 31, 2023 were $1,138.3 million and $1,156.9 million, respectively.

(2) Non-GAAP tax adjustments for the three months ended December 31, 2024 are primarily due to $24.8 million of tax expense on pre-tax non-GAAP adjustments, plus the removal of (1) $110.6 million of tax impact related to an inter-company sale of intellectual property and (2) $3.1 million of tax expense related to audit adjustments. Non-GAAP tax adjustments for the three months ended December 31, 2023 are primarily due to $22.3 million of tax expense related to pre-tax non-GAAP adjustments, plus the removal of (1) $6.3 million of tax benefit related to audit settlements and (2) $7.2 million of tax benefit related to tax law changes.

 

TABLE III (Continued)

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED CONSOLIDATED INFORMATION

(in millions, except per share amounts)

(unaudited)



Twelve Months Ended December 31, 2024


Twelve Months Ended December 31, 2023

Consolidated Continuing Operations

Interest and Other

Income Tax (Benefit)
Expense


Interest and Other

Income Tax Expense
(Benefit)

Reported

$                      193.6

$                        80.0


$                      160.2

$                         (3.9)

As a % of reported net sales (1)

4.4 %

1.8 %


3.4 %

(0.1) %

Effective tax rate


(99.3) %



47.2 %

Pre-tax adjustments:






Amortization expense primarily related to acquired
intangible assets

(2.2)

—


(2.2)

—

(Gain) loss on early debt extinguishment

(6.7)

—


3.1

—

(Gain) loss on divestitures and investment securities

6.4

—


(0.2)

—

Milestone payments received related to royalty rights

—

—


10.0

—

Other(2)

(15.8)

—


—

—

Non-GAAP tax adjustments(3)

—

(0.9)


—

55.3

Adjusted

$                      175.2

$                        79.3


$                      171.0

$                        51.3

As a % of reported net sales (1)

4.0 %

1.8 %


3.7 %

1.1 %

Adjusted effective tax rate


18.3 %



12.7 %








Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) Reported net sales for the twelve months ended December 31, 2024 and December 31, 2023 were $4,373.4 million and $4,655.6 million, respectively.

(2) Other pre-tax adjustments for the twelve months ended December 31, 2024 are primarily due to expenses of $14.4 million related to de-designation of interest rate swap agreements.

(3) Non-GAAP tax adjustments for the twelve months ended December 31, 2024 are primarily due to $62.7 million of tax expense on pre-tax non-GAAP adjustments, plus the removal of (1) $65.9 million of tax impact related to an inter-company sale of intellectual property, (2) $3.5 million of tax benefit related to a partial valuation allowance release in Belgium and (3) $2.1 million of tax benefit related to audit adjustments. Non-GAAP tax adjustments for the twelve months ended December 31, 2023 are primarily due to $61.6 million of tax expense related to pre-tax non-GAAP adjustments, plus the removal of (1) $11.4 million of tax expense related to audit settlements (2) $2.1 million of tax expense related to a valuation allowance and (3) $7.2 million of tax benefit related to tax law changes.

 

TABLE IV

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED SEGMENT INFORMATION

(in millions)

(unaudited)



Three Months Ended December 31, 2024


Three Months Ended December 31, 2023

Consumer Self-Care Americas

Gross

Profit

R&D
Expense

DSG&A
Expense

Operating

Income


Gross

Profit

R&D
Expense

DSG&A
Expense

Operating

Income

Reported

$   216.6

$     14.4

$     75.8

$     81.3


$   249.1

$     15.9

$   107.3

$   117.6

As a % of reported net sales(1)

29.1 %

1.9 %

10.2 %

10.9 %


33.5 %

2.1 %

14.4 %

15.8 %

Pre-tax adjustments:










Amortization expense related primarily to acquired intangible assets

8.4

—

(6.3)

14.6


4.5

—

(10.1)

14.6

Infant formula remediation

3.8

—

—

3.9


—

—

—

—

Restructuring charges and other termination benefits

0.4

—

—

6.9


0.3

—

—

8.2

Acquisition and integration-related charges and contingent
consideration adjustments

—

—

—

—


—

—

(1.3)

1.3

Impairment charges (2)

—

—

—

38.6


—

—

—

—

Other

—

—

(0.6)

0.5


—

—

(1.2)

1.2

Adjusted

$   229.1

$     14.4

$     68.9

$   145.8


$   253.9

$     15.9

$     94.6

$   143.0

As a % of reported net sales(1)

30.8 %

1.9 %

9.3 %

19.6 %


34.1 %

2.1 %

12.7 %

19.2 %



Three Months Ended December 31, 2024


Three Months Ended December 31, 2023

Consumer Self-Care International

Gross

Profit

R&D
Expense

DSG&A
Expense

Operating
Income


Gross

Profit

R&D
Expense

DSG&A
Expense

Operating
Income

Reported

$   169.3

$     13.5

$   110.9

$     39.9


$   178.2

$     13.8

$   151.0

$    (78.8)

As a % of reported net sales(1)

43.0 %

3.4 %

28.1 %

10.1 %


43.2 %

3.3 %

36.6 %

(19.1) %

Pre-tax adjustments:










Amortization expense related primarily to acquired intangible assets

25.1

(0.3)

(15.3)

40.7


28.2

(0.2)

(23.3)

51.8

Impairment charges (2)

—

—

—

—


—

—

—

90.0

Restructuring charges and other termination benefits

—

—

—

5.0


—

—

—

2.2

(Gain) loss on divestitures

—

—

2.2

(2.2)


—

—

—

—

Adjusted

$   194.4

$     13.2

$     97.8

$     83.4


$   206.3

$     13.6

$   127.6

$     65.1

As a % of reported net sales(1)

49.3 %

3.3 %

24.8 %

21.2 %


50.0 %

3.3 %

30.9 %

15.8 %


Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) CSCA reported net sales for the three months ended December 31, 2024 and December 31, 2023 were $744.1 million and $744.4 million, respectively. CSCI reported net sales for the three months ended December 31, 2024 and December 31, 2023 were $394.1 million and $412.6 million, respectively.

(2) During the three months ended  December 31, 2024, we determined the carrying value of our Prevacid® branded product was impaired by $38.6 million and recorded the charge within our CSCA segment. During the three months ended December 31, 2023, we determined goodwill related to our Rare Diseases reporting unit was impaired by $90.0 million and recorded the charge within our CSCI segment.

 

TABLE IV (CONTINUED)

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED SEGMENT INFORMATION

(in millions)

(unaudited)



Twelve Months Ended December 31, 2024


Twelve Months Ended December 31, 2023

Consumer Self-Care Americas

Gross
Profit

R&D
Expense

DSG&A
Expense

Operating
Income


Gross
Profit

R&D
Expense

DSG&A
Expense

Operating
Income

Reported

$   779.1

$     60.0

$   381.7

$   269.9


$   908.4

$     70.4

$   435.4

$   389.6

As a % of reported net sales (1)

28.9 %

2.2 %

14.2 %

10.0 %


30.7 %

2.4 %

14.7 %

13.2 %

Pre-tax adjustments:










Amortization expense related primarily to acquired intangible assets

29.4

—

(30.1)

59.5


17.3

—

(40.4)

57.7

Restructuring charges and other termination benefits

2.7

—

—

31.4


0.4

—

—

12.7

Infant formula remediation

17.5

—

(4.2)

21.7


—

—

—

—

Acquisition and integration-related charges and contingent
consideration adjustments

—

—

—

—


—

—

(3.1)

3.1

Impairment charges (2)

—

—

—

38.6


—

—

—

—

Other

—

—

(0.8)

0.8


—

—

(1.2)

1.2

Adjusted

$   828.6

$     60.0

$   346.6

$   421.9


$   926.1

$     70.4

$   390.6

$   464.4

As a % of reported net sales (1)

30.8 %

2.2 %

12.9 %

15.7 %


31.3 %

2.4 %

13.2 %

15.7 %



Twelve Months Ended December 31, 2024


Twelve Months Ended December 31, 2023

Consumer Self-Care International

Gross

Profit

R&D
Expense

DSG&A
Expense

Operating
Income


Gross
Profit

R&D
Expense

DSG&A
Expense

Operating
Income
(Loss)

Reported

$   763.5

$     52.2

$   502.2

$   105.0


$   772.0

$     52.1

$   644.4

$    (35.2)

As a % of reported net sales (1)

45.5 %

3.1 %

29.9 %

6.3 %


45.6 %

3.1 %

38.1 %

(2.1) %

Pre-tax adjustments:










Amortization expense related primarily to acquired intangible assets

105.5

(1.1)

(63.4)

170.0


110.6

(0.5)

(101.1)

212.1

Restructuring charges and other termination benefits

—

—

—

53.8


—

—

(0.8)

21.4

Impairment charges (2)

—

—

—

50.3


—

—

—

90.0

Acquisition and integration-related charges and contingent
consideration adjustments

—

—

—

—


—

—

(1.5)

1.5

(Gain) loss on divestitures

—

—

27.4

(27.3)


—

—

4.6

(4.6)

Adjusted

$   869.1

$     51.0

$   466.0

$   352.1


$   882.5

$     51.6

$   545.7

$   285.1

As a % of reported net sales (1)

51.7 %

3.0 %

27.7 %

21.0 %


52.1 %

3.0 %

32.2 %

16.8 %


Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) CSCA reported net sales for the twelve months ended December 31, 2024 and December 31, 2023 were $2,693.7 million and $2,962.3 million, respectively. CSCI reported net sales for the twelve months ended December 31, 2024 and December 31, 2023 were $1,679.6 million and $1,693.3 million, respectively.

(2) During the twelve months ended December 31, 2024, we determined the carrying value of the Rare Diseases reporting unit net assets exceeded their fair value less costs to sell, resulting in a total impairment charge of $34.1 million, inclusive of a goodwill impairment charge of $22.1 million, we also determined the carrying value of the Hospital & Specialty Business net assets exceeded their fair value less costs to sell, resulting in a total impairment charge of $16.2 million, inclusive of a goodwill impairment charge of $5.4 million and we determined the carrying value of our Prevacid® branded product was impaired by $38.6 million and recorded the charge within our CSCA segment. During the twelve months ended December 31, 2023, we determined goodwill related to our Rare Diseases reporting unit was impaired by $90.0 million and recorded the charge within our CSCI segment.

 

TABLE V

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

CONSOLIDATED AND SELECTED SEGMENT INFORMATION

(in millions, except per share amounts)

(unaudited)  



Three Months Ended




Twelve Months Ended



Consolidated Continuing Operations

December 31,
2024


December 31,
2023


% Change


December 31,
2024


December 31,
2023


% Change

Net Sales

$               1,138.3


$           1,156.9


(1.6) %


$           4,373.4


$           4,655.6


(6.1) %

Less: Currency impact(1)

(1.6)


—


(0.1) %


(10.5)


—


(0.2) %

Constant currency net sales

$               1,139.9


$           1,156.9


(1.5) %


$           4,383.8


$           4,655.6


(5.8) %

Less: Divestitures(2)

—


23.9


(2.1) %


—


50.6


(1.0) %

Less: Exited product lines(3)

(0.4)


0.3


(0.1) %


(0.8)


14.3


(0.3) %

Organic net sales

$               1,140.3


$           1,132.7


0.7 %


$           4,384.6


$           4,590.7


(4.5) %



Three Months Ended




Twelve Months Ended



Consumer Self-Care Americas

December 31,
2024


December 31,
2023


% Change


December 31,
2024


December 31,
2023


% Change

Net Sales

$                  744.1


$              744.4


— %


$           2,693.7


$           2,962.3


(9.1) %

Less: Currency impact(1)

(0.2)


—


— %


(0.5)


—


— %

Constant currency net sales

$                  744.3


$              744.4


— %


$           2,694.2


$           2,962.3


(9.1) %

Less: Exited product lines(3)

(0.4)


0.3


(0.1) %


(0.8)


14.3


(0.5) %

Organic net sales

$                  744.7


$              744.1


0.1 %


$           2,695.0


$           2,948.0


(8.6) %



Three Months Ended




Twelve Months Ended



Consumer Self-Care International

December 31,
2024


December 31,
2023


% Change


December 31,
2024


December 31,
2023


% Change

Net Sales

$                  394.1


$              412.6


(4.5) %


$           1,679.6


$           1,693.3


(0.8) %

Less: Currency impact(1)

(1.4)


—


(0.3) %


(10.0)


—


(0.6) %

Constant currency net sales

$                  395.5


$              412.6


(4.1) %


$           1,689.6


$           1,693.3


(0.2) %

Less: Divestitures(2)

—


23.9


(5.9) %


—


50.6


(3.1) %

Organic net sales

$                  395.5


$              388.7


1.8 %


$           1,689.6


$           1,642.7


2.9 %


Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) Currency impact is calculated using the exchange rates used to translate our financial statements in the comparable prior year period to show what current period US dollar results would have been if such currency exchange rates had not changed.

(2) Represents divestiture of the Rare Diseases reporting unit, Hospital and Specialty Business and branded asset sales in CSCI during the twelve months ended December 31, 2024.

(3) Exited product lines represents strategic actions taken across multiple product categories, primarily driven by exited products within the Upper Respiratory, Skincare and Nutrition categories in CSCA.

 

TABLE VI

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED SEGMENT INFORMATION

(in millions, except per share amounts)

(unaudited)



Three Months Ended






Twelve Months Ended






CSCA Net Sales(1)

December 31,
2024


December 31,
2023


Change


December 31,
2024


December 31,
2023


Change


Nutrition

$                  145.7


$                     126.9


$        18.8


14.8 %


$                  449.5


$                  563.2


$      (113.7)


(20.2) %


Upper Respiratory

130.3


139.3


(9.0)


(6.4) %


500.3


561.4


(61.1)


(10.9) %


Digestive Health

135.7


139.3


(3.6)


(2.6) %


497.4


507.5


(10.1)


(2.0) %


Pain and Sleep-Aids

93.6


102.6


(9.0)


(8.8) %


345.5


397.2


(51.7)


(13.0) %


Healthy Lifestyle

85.5


92.1


(6.6)


(7.2) %


306.8


311.4


(4.6)


(1.5) %


Oral Care

70.6


74.9


(4.3)


(5.8) %


275.4


310.4


(35.0)


(11.3) %


Skin Care

61.5


50.8


10.7


21.1 %


220.1


240.5


(20.4)


(8.5) %


Women's Health

19.1


13.0


6.1


47.5 %


81.1


48.6


32.5


67.0 %


VMS and Other CSCA

2.2


5.4


(3.2)


(59.3) %


17.6


22.1


(4.5)


(20.4) %


Total CSCA Net Sales

$                  744.1


$                     744.4


$         (0.3)


— %


$               2,693.7


$               2,962.4


$      (268.6)


(9.1) %



Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) We updated our global reporting product categories as a result of legacy sales being moved out of Other CSCA and into respective categories. These product categories have been adjusted retroactively to reflect the changes and have no impact on historical financial position, results of operations, or cash flows.

CSCA Fourth Quarter Primary Category Drivers:

  • Nutrition: Net sales of $146 million increased 14.8% due primarily to a 17% increase in net sales of infant formula products as the Company refilled store brand and contract customer inventories and continued to gain volume share period over period.
  • Upper Respiratory: Net sales of $130 million decreased 6.4% due primarily to previously disclosed lost distribution of lower margin products and the impact from a later start to the cough, cold and flu season compared to the prior year quarter. These impacts more than offset strong growth of Nasonex® and Triamcinolone Acetonide in the allergy business.
  • Digestive Health: Net sales of $136 million decreased 2.6% due primarily to previously disclosed lost distribution of lower margin products in U.S. Store Brand and lower consumption of proton pump inhibitors, including Omeprazole, Esomeprazole and Lansoprazole, despite Perrigo share gains. These impacts more than offset higher net sales of Polyethylene Glycol.
  • Pain & Sleep-Aids: Net sales of $94 million decreased 8.8% due primarily to previously disclosed lost distribution of lower margin products and the impact from a later start to the cough, cold and flu season compared to the prior year quarter, partially offset by new business awards.
  • Healthy Lifestyle: Net sales of $86 million decreased 7.2% due primarily to lower category consumption of nicotine replacement therapy products, despite new distribution at specific retail customers and market share gains.
  • Oral Care: Net sales of $71 million decreased 5.8% due to lower distribution at specific retail customers, and lower net sales of Plackers® dental flossers.
  • Skin Care: Net sales of $62 million increased 21.1% due primarily to growth of Minoxidil and Mederma® in addition to greater category consumption.
  • Women's Health: Net sales of $19 million increased 47.5% due primarily to the successful launch of Opill®.
  • Vitamins, Minerals, and Supplements ("VMS") and Other: Net sales of $2 million decreased 59.3%.

 

TABLE VI (Continued)

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED SEGMENT INFORMATION

(in millions, except per share amounts)

(unaudited)



Three Months Ended






Constant
Currency
Change (1)


Twelve Months Ended






Constant
Currency
Change (1)

CSCI Net Sales

December 31,
2024


December 31,
2023


% Change


Currency
Impact (1)



December 31,
2024


December 31,
2023


% Change


Currency
Impact (1)


Skin Care

$                76.6


$                79.4


(3.6) %


(1.9) %


(1.7) %


$              410.0


$              372.5


10.1 %


(2.7) %


12.8 %

Upper Respiratory

76.2


71.2


7.0 %


0.4 %


6.6 %


282.1


299.1


(5.7) %


1.1 %


(6.7) %

Pain and Sleep-Aids

63.6


59.1


7.5 %


1.1 %


6.4 %


222.2


222.9


(0.4) %


1.8 %


(2.2) %

Healthy Lifestyle

50.5


46.3


9.1 %


(1.0) %


10.1 %


225.8


225.7


— %


(3.4) %


3.4 %

VMS

46.0


50.1


(8.3) %


(1.0) %


(7.3) %


173.5


185.5


(6.6) %


— %


(6.6) %

Women's Health

31.7


30.2


5.0 %


(1.2) %


6.2 %


132.8


119.7


11.0 %


(0.3) %


11.3 %

Oral Care

24.4


26.0


(5.9) %


1.1 %


(7.0) %


99.4


101.5


(2.0) %


1.2 %


(3.2) %

Digestive Health and Other CSCI

25.1


50.1


(50.0) %


0.3 %


(50.3) %


133.8


166.4


(19.6) %


(0.4) %


(19.2) %

Total CSCI Net Sales

$              394.1


$              412.6


(4.5) %


(0.3) %


(4.1) %


$          1,679.6


$          1,693.3


(0.8) %


(0.6) %


(0.2) %


Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) Currency impact is calculated using the exchange rates used to translate our financial statements in the comparable prior year period to show what current period US dollar results would have been if such currency exchange rates had not changed.

 CSCI Fourth Quarter Primary Category Drivers:

  • Skin Care: Net sales of $77 million decreased 3.6%, or a decrease of 1.7% excluding the impact of currency, due to strong growth in Compeed®, driven by market share gains, in addition to higher net sales within the ACO® and Sebamed® brand portfolios. The category also benefited from the absence of prior year distribution transitions.
  • Upper Respiratory: Net sales of $76 million increased 7.0%, or an increase of 6.6% excluding the impact of currency, due primarily higher net sales of Bronchenolo®, Bronchostop® and Coldrex®, which benefited from category growth and market share gains.
  • Pain & Sleep-Aids: Net sales of $64 million increased 7.5%, or an increase of 6.4% excluding the impact of currency, due primarily to lower net sales of Solpadeine®, due primarily to supply constraints, and lower net sales of store brand products.
  • Healthy Lifestyle: Net sales of $51 million increased 9.1%, or an increase of 10.1% excluding the impact of currency, as higher consumption for anti-parasite products including Paranix®, were more than offset by lower category consumption in weight loss, impacting XLS Medical®.
  • VMS: Net sales of $46 million decreased 8.3%, or a decrease of 7.3% excluding the impact of currency, due primarily to promotional phasing of Davitamon® and Abtei® and overall lower category consumption.
  • Women's Health: Net sales of $32 million increased 5.0%, or an increase of 6.2% excluding the impact of currency, due primarily to higher net sales of contraceptive products including ellaOne®, driven by market share gains and the absence of prior year distribution transitions.
  • Oral Care: Net sales of $24 million decreased 5.9%, or a decrease of 7.0% excluding the impact of currency, due primarily to lower net sales of store brand products and Plackers®.
  • Digestive Health and Other: Net sales of $25 million decreased 50.0%, or a decrease of 50.3% excluding the impact of currency, primarily due to the divestiture of the HRA Pharma Rare Diseases Business, which was partially offset by higher net sales of store brand products.

 

TABLE VII

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

CONSOLIDATED AND SELECTED SEGMENT INFORMATION

(in millions, except per share amounts)

(unaudited)




Three Months Ended






Twelve Months Ended






Consolidated Continuing Operations


December 31,
2024


December 31,
2023


Total Change


December 31,
2024


December 31,
2023


Total Change


Adjusted gross profit


$      423.9


$      460.3


$       (36.4)


(7.9) %


$  1,697.9


$  1,808.5


$    (110.6)


(6.1) %


Adjusted gross margin


37.2 %


39.8 %




(260) bps


38.8 %


38.8 %




— bps


Adjusted operating income


$      193.9


$      167.1


$        26.8


16.0 %


$      608.5


$      574.3


$        34.2


6.0 %


Adjusted operating margin


17.0 %


14.4 %




260 bps


13.9 %


12.3 %




160 bps




















Adjusted EPS


$        0.93


$        0.86


$        0.07


8.1 %


$        2.57


$        2.58


$       (0.01)


(0.4) %




















Consumer Self-Care Americas


















Adjusted gross profit


$      229.1


$      253.9


$       (24.9)


(9.8) %


$      828.6


$      926.1


$       (97.5)


(10.5) %


Adjusted gross margin


30.8 %


34.1 %




(330) bps


30.8 %


31.3 %




(50) bps


Adjusted operating income


$      145.8


$      143.0


$           2.8


2.0 %


$      421.9


$      464.4


$       (42.5)


(9.2) %


Adjusted operating margin


19.6 %


19.2 %




40 bps


15.7 %


15.7 %




— bps




















Consumer Self-Care International


















Adjusted gross profit


$      194.4


$      206.3


$       (11.9)


(5.8) %


$      869.1


$      882.5


$       (13.4)


(1.5) %


Adjusted gross margin


49.3 %


50.0 %




(70) bps


51.7 %


52.1 %




(40) bps


Less: Currency impact(1)










(5.3)


—






Constant currency adjusted gross profit










$      874.4


$      882.5


$         (8.0)


(0.9) %


Adjusted operating income


$        83.4


$        65.1


$        18.3


28.1 %


$      352.1


$      285.1


$        67.0


23.5 %


Adjusted operating margin


21.2 %


15.8 %




540 bps


21.0 %


16.8 %




410 bps






































Consolidated Continuing Operations










Twelve Months Ended






Cash Conversion










December 31, 2024






Adjusted net income










$354.0






Net cash from operating activities










$362.9






Cash conversion










102.4 %










































Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

(1) Currency impact is calculated using the exchange rates used to translate our financial statements in the comparable prior year period to show what current period US dollar results would have been if such currency exchange rates had not changed.

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/perrigo-reports-fourth-quarter--fiscal-year-2024-financial-results-from-continuing-operations-302388000.html

SOURCE Perrigo Company plc

FAQ

What was Perrigo's (PRGO) Q4 2024 revenue and how did it compare to last year?

Perrigo's Q4 2024 revenue was $1.14 billion, declining 1.6% compared to the previous year, with organic growth of 0.7%.

How much did Perrigo's (PRGO) infant formula sales grow in Q4 2024?

Perrigo's infant formula net sales grew 17% in Q4 2024 compared to the prior year quarter.

What are the expected savings from Perrigo's (PRGO) Project Energize by 2026?

Project Energize is expected to deliver annualized pre-tax savings of $140-170 million by 2026, with $40-60 million planned for reinvestment.

What was Perrigo's (PRGO) adjusted EPS for fiscal year 2024?

Perrigo's adjusted EPS for fiscal year 2024 was $2.57, meeting the mid-point of the company's guidance range.

What is the new FDA status of Perrigo's (PRGO) Wisconsin infant formula facility?

The FDA reclassified Perrigo's Wisconsin facility to 'No Action Indicated' status following inspection in late 2024, improving from 'Voluntary Action Indicated'.

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Perrigo Co Plc

NYSE:PRGO

PRGO Rankings

#1026 Ranked by Market Cap
#810 Ranked by Dividends

PRGO Latest News

Feb 28, 2025
Perrigo Provides Detailed Plan to Consumerize, Simplify and Scale its Unique Global Self-Care Platform at its Virtual Investor Day
Feb 26, 2025
Perrigo to Attend the UBS 2025 Global Consumer and Retail Conference
Feb 19, 2025
Perrigo Increases Quarterly Dividend by 5%
Feb 4, 2025
Opill® extends mission of breaking down birth control barriers with launch of multi-state college tour and expansion of partnerships
Jan 31, 2025
Perrigo to Release Fourth Quarter and Fiscal Year 2024 Financial Results on February 27, 2025, Host Virtual Investor Day on February 28, 2025

PRGO Stock Data

4.18B
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